Happy funding, Rudi
It has been said before and so I will say it again. Location, Location, and location. If all the units are not condos...beware. If they are all rentals...think about future profit on the property. How well is it being maintained. What will the HOA dues be ...if there are any. It is best to work with an established condo unit. IF you move forward I would contact a real estate lawyer to make sure your rights are protected. Some "deals" are never a good deal....buyer beware!
Please seek help from a licensed agent who can negotiate in your best interests and get the legal help you may need.
There is a process to go through. BUT, since you're family with the owner it could be a great deal for you to get 2 units.
Shoot me an email directly so we can talk some more about this, I won't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
It is VERY possible to purchase as specified by your landlord/family member. But, -or rather BUT , it would obviously be an abnormal property, would be hard to refinance/finance/sell, AND most of the elements would be present to play the blame game when it comes to repairs/maintenance not unlike the emmy winning soap operas. I should point out that there is a reason why units with shared walls by and large come with HOA's and CC&R's (general rules, method of reaction to, and money set aside for the expected as well as the unexpected). As tempting as it sounds, you might be best served to just purchase a conventional property such as a condo/townhome with a structured HOA and property manager. Most Tenants don't realized but the Home Purchase Affordability is the highest in decades, meaning most tenants who can afford rent should also afford a home purchase. Talk to a Realtor in Your Area, or better yet, contact me for an excellent referral to a Great Agent in Your Area !
Most Kindest Regards,
KELLER WILLIAMS REALTY
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